On Monday, Treasury Secretary Janet Yellen met with China’s ambassador as Washington and Beijing escalated their trade dispute as Beijing put fresh limits on metal shipments.
In order to protect national security and interests, China’s Ministry of Commerce announced Monday that commodities related to gallium and germanium, which are essential for creating semiconductors, will be subject to export controls beginning August 1.
According to the ministry, in order to export the two metals outside of the nation, exporters will need to submit licensing applications, certificates, and information about the final consumers of the products.
The same day, the US Treasury Department reported that Yellen and Chinese Ambassador Xie Feng had a candid and fruitful discussion about bilateral ties and global financial challenges.
This was done in advance of Janet Yellen’s trip to Beijing on July 6 to meet with top Chinese officials.
Yellen will be the second-highest-ranking US official to travel there following State Secretary Antony Blinken, who made a trip to Beijing last month to try to mend tense ties between the US and China.
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Yellen’s Discussion About China’s Metal Export Restrictions
Yellen has previously stated that the US wants to have a positive relationship with China and urged for collaboration to address today’s pressing global issues, such as climate change and debt crisis.
She stressed the significance of resolving crucial problems, such as the protection of intellectual property, market access, and technology transfer, which have been contentious in US-China trade negotiations.
Last year, limits on access to American chip manufacturing technologies were put in place by the United States in an effort to counter China’s technological and military advancements.
Everything from pickup vehicles to hypersonic missiles is made using modern semiconductor chips.
Currently, Taiwan is responsible for producing more than 60% of the world’s chips, sometimes with the aid of United States research and design.
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Source: theepochtimes.com